Northwestern Mutual Sells California Community for $92M

The Artisan at East Village. Image courtesy of Berkadia

Northwestern Mutual has sold The Artisan at East Village, a 272-unit multifamily property west of Los Angeles for $92.3 million. The undisclosed buyer of the community at 2060 Zocolo St. in Oxnard, Calif., was a private capital investor based in the Golden State.

Berkadia completed the transaction on behalf of the seller. Completed by Shea Properties in 2013, the community is about 96 percent occupied, according to Yardi Matrix. The 15-building property sits on a 15.3-acre site and includes a fitness center, business center, swimming pool, clubhouse and other amenities. Apartments come in one-, two- and three-bedroom layouts and have in-unit washers and dryers and above-standard ceiling heights.

The Artisan at East Village is located a short walk from the beaches of Oxnard, the most populous city in Ventura County, situated between Los Angeles and Santa Barbara. Oxnard is among several cities in the county to pass a SOAR (Save Open Space and Agricultural Resources) initiative, which is designed to rein in urban sprawl by requiring voter approval to rezone certain types of land for development. This has led to a constrained development pipeline and robust demand for multifamily properties in the area, according to Berkadia.

The brokerage noted in a statement that the property, which was offered below replacement costs, received more than 20 written offers from qualified buyers, along with more than 35 tours. Berkadia’s Joe Leon, Michael Thagard, Jim Fisher and Mike Smith completed the sale.

Elsewhere in Ventura County, FPA Multifamily acquired Stonepine Apartments, a value-add community in Thousand Oaks, for $33.8 million last November.